Interpretation

In this Act, unless the context otherwise requires“Board of Directors” or “Board” means the Board of management or other directing body to whom the management of the affairs of a credit union is entrusted; “by-laws” means the registered by-laws made by a credit union pursuant to this Act and includes any registered amendment of the by-laws; “cooperative basis” means the carrying on of an enterprise organized, operated and administered in accordance with the cooperative principles set out in section 4; “credit union” means a credit union registered under this Act with specific powers to promote thrift, enterprise and cooperative principles among its members, to pool financial resources of its members and to provide needed lending, investment and other financial services to them; “deposit” means a sum of money paid on termsCredit Unions Act 9 (a) under which the sum will be repaid, with or without interest or a premium, and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and (b) which are not referable to the provision of property or services or to the giving of security, and for the purposes of this paragraph, money is paid on terms which are referable to the provision of property or services or the giving of security if, and only if– (i) it is paid by way of advance or part payment for the sale, hire or other provision of property or services of any kind and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided; and (ii) it is repaid by way of security for payment for the provision of property or services of any kind provided or to be provided by the person by whom or on whose behalf the money is accepted; or (iii) it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; “director” means a member of the Board of Directors; “dividends” means an amount paid not exceeding 8% based on the members fully paid up shares and surplus realized from the operation for the fiscal period; 10 Credit Unions Act “League” means the Belize Credit Union League established under section 80; “liquid assets” means assets maintained by a credit union to ensure that it can meet its commitments with respect to loans and withdrawals of deposits; “mandatory shares” means the minimum shares that must be purchased by a new member of a credit union as a condition of “member” includes a person joining in the application for the registration of a credit union and a person or credit union admitted to membership after registration and participating in accordance with this Act and the by-laws of that credit union; “Minister” means the Minister of Government for the time being responsible for Finance; “minor” means a person under the age of eighteen years; “model by-laws” means the by-laws for credit unions prepared by the Registrar and approved by the Minister consistent with this Act, to be used by a credit union to prepare its by-laws; “officer” or “official” means an employee of the credit union and does not include a director or a member of the Supervisory Committee or a member of the Credit Committee; “rebate” means a share of the profits of a credit union divided among its members in proportion to the volume of loan business done with the credit union by them from which the profits of the credit union were derived; “Register” means the Permanent Register of Credit Unions kept at the office of the Registrar; “Registrar” means the Registrar of Credit Unions as specified in section 5; Credit Unions Act 11 “rules” means the statutory rules and regulations made by the Minister under this Act; “special resolution” means a resolution– (a) at least ten days’ notice of which has been given specifying the intention to propose the resolution as a special resolution, that is passed by a majority of at least three-fourths of the members or delegates of a credit union who voted at a general meeting with respect to that resolution; (b) at least ten days’ notice of which has been given, that is approved by a written affirmative vote of at least three-fourths of the members of the credit union, who– (i) voted on that resolution within the prescribed time and in the prescribed manner; or (ii) cast a written vote in the manner and within the time specified in the notice; or (c) that is consented to in writing by all of the members or delegates of the credit union who are entitled to vote at a general meeting on that resolution; “surplus” means an excess of annual income over expenditure; “Tribunal” means the Credit Union Appeals Tribunal established under section 67(3).